Stocks Making the Biggest Premarket Moves: Tesla, Nike, Carnival, Nvidia and More

Check out the companies making headlines in midday trading.

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Tesla

• In midday trading on Friday, shares of the electric vehicle company witnessed a 1.5% increase. Canaccord Genuity, in a recent report, reaffirmed their buy rating on Tesla, anticipating forthcoming vehicle delivery data. Meanwhile, Citi maintained a neutral stance on Tesla, though it adjusted its vehicle delivery forecast from 468,500 to 450,000. Last week, Barclays projected a potential delivery target shortfall.

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Anheuser-Busch InBev

• U.S.-listed shares of the beer industry leader surged by 3.2% following an upgrade from neutral to buy. The upgrade emphasizes a turning point in margins and a more innovative portfolio strategy.

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Carnival

• In midday trading, shares of the cruise operator experienced a 4.9% decline. Carnival has projected a loss of 10 to 18 cents per share for the fiscal fourth quarter, a forecast that aligns closely with analyst expectations polled by LSEG (formerly Refinitiv). In a separate development, Carnival reported adjusted earnings of 86 cents per share and $6.85 billion in revenue for the fiscal third quarter, surpassing the estimated earnings of 75 cents per share and $6.69 billion in revenue. Norwegian Cruise Line, a competitor, also saw a 3% decrease in its shares.

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Blue Apron

• Share prices of the meal kit company surged by over 134% after announcing its acquisition by Wonder Group at $13 per share. This represents a remarkable 137% premium over Blue Apron's closing price of $5.49 per share on Thursday.

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Nvidia

• Shares of the renowned chipmaker saw a modest 1% increase. Citi, in a recent report, highlighted the forthcoming iteration of Nvidia's Blackwell B100 GPU as a significant stock catalyst expected to influence the first half of 2024, driving both margins and sales. The firm maintained its buy rating on Nvidia stock.

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Nike

• Shares of the prominent sneaker manufacturer rose by 6.6% following a mixed fiscal first-quarter report. Nike reported earnings of 94 cents per share and $12.94 billion in revenue, slightly exceeding analyst expectations of 75 cents per share and $12.98 billion in revenue, as polled by LSEG. Nike also reiterated its mid-single-digit full-year revenue growth guidance.

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Walgreens

• Shares of the major pharmacy chain witnessed a notable increase of over 6%. Reports from Bloomberg, citing individuals familiar with the matter, suggested that Walgreens is contemplating Tim Wentworth, a former executive from Cigna, as its next CEO. This development comes after Roz Brewer stepped down as Walgreens CEO at the end of August.

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Bumble

• The online dating platform saw a 3% increase in its stock price after Loop Capital Markets upgraded it from hold to buy. The firm cited the stock as "de-risked," noting Bumble's strong cash balance and free cash flow generation as protective factors for its balance sheet.

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Brinker International

• The parent company of Chili's experienced a nearly 2% rise in its stock price following an upgrade from Stifel, shifting its rating from hold to buy. Stifel commented that Brinker's strategic playbook appears aligned with successful turnarounds seen in other restaurant chains.

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Corcept Therapeutics

• Shares of Corcept Therapeutics saw a 17% decrease in midday trading due to ongoing litigation against Teva Pharmaceuticals. The dispute revolves around Corcept's Cushing syndrome drug, Korlym, with Teva attempting to challenge Corcept's patent for the treatment.

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Texas Roadhouse

• The restaurant chain's stock increased by approximately 1% following an upgrade to buy from Northcoast Research. The upgrade emphasized a consistent flow of customer traffic to the company's stores.

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